Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. entries for sale of fixed asset equipment acquired

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of...

80.2K

Verified Solution

Question

Basic Math

image

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of 152 470 has an estimated useful lif of 18 years has an estimated residual value of 8 650 and is depreciated by the straight line method a What was the book value of the equipment at December 31 the end of the fourth year 120 510 Feedback Check My Work b Assume that the equipment was sold on April 1 of the fifth year for 111 947 1 Journalize the entry to record depreciation for the three months until the sale date If an amount box does not require an entry leave it blank Round your answers to the nearest whole dollar if required 88 Feedback Check My Work The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold The straight line method of depreciation calculates the amount of depreciation to be recognized each year 2 Journalize the entry to record the sale of the equipment If an amount box doe not require an entry leave it blank Do not round intermediate calculations

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Question 6 1 point A random sample of 20 observations was taken from population A...

Basic Math
Q

consider f(x) = ln(x) a) Approximate f(0.9) and f(1.1) b) Use Taylor remainder to find an error...

Advance Math
Q

A mass m1 on a horizontal shelf is attached by a thin string that passes over...

Physics
Q

Rank the following material combinations from highest to lowest risk of galvanic corrosion. (Show your reasoning) a)...

Mechanical Engineering
Q

Dentists sometimes give a patient antibiotics after a teeth cleaning procedure especially if the patient...

Biology
Q

The following graph shows an economy s short run aggregate supply curve SRAS current equilibrium...

Basic Math
Q

The approximate average distances from the sun to Saturn and Venus are listed below:Saturn: 1.43...

Basic Math
Q

A Describe how the process of solving a linear inequality with 1 variable is different...

Algebra
Q

Tamarisk Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on...

Accounting
Q

2.A balanced scorecard is a strategic management performance metric used to identify and improve various...

Accounting
Q

In September, Numbers Incorporated sold 45,000 units of its only product for $394,000, and incurred...

Accounting
Q

The following income statement along with additional year-end information about changes in noncash current assets...

Accounting